Over the past two months, the United States Gasoline Fund, LP (NYSEARCA:UGA), which tracks gasoline has fallen around 14% from the recent top of $64.27, to a low of $55.16. The drop in the UGA share price occurred after the stock broke a technical major trend line level.
This morning, most of the leading integrated energy stocks are coming under selling pressure. Leading integrated energy stocks such as Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), ConocoPhillips (NYSE:COP), and BP plc (ADR) (NYSE:BP) are all declining at the start of the today’s trading session. Day traders should watch for intra-day support around the $126.14 level. This is an area that will likely be defended by the institutional money and could give day traders a short term bounce.
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Just two weeks ago, the market was collapsing as Russian tension rose. Many sectors and specific stocks were punished far more than the overall market. Quite a few of these plays have rebounded and are now breaking above their former highs. What investors need to understand is that if these plays took a larger hit in the last mini market pullback, they will again be smoked when the markets have a small drop. In other words, investors ran for the hills more quickly in these names and are still skittish. Here are a few of these names that can be shorted in this upper range.
1. Intel Corporation (NASDAQ:INTC): Double Top: $34.85. Current Pice $34.96. Shorting Level: $35.25.
2. Microsoft Corporation (NASDAQ:MSFT): Double Top: $45.75. Current Price: $45.16. Shorting Level: $46.05.
Chief Market Strategist
Many China small cap stocks are ripping higher, finally catching fire on the back of a Shanghai major rally (10%+ lately). Large caps like Baidu Inc (NASDAQ:BIDU) and Vipshop Holdings Ltd (NYSE:VIPS) have already rallied insane amounts in 2014, however, until recently, the small cap China ADR’s have lagged, staying near/at their 52 week lows. That is now changing. Look at stocks like China Finance Online Co. (NASDAQ:JRJC) and China Green Agriculture, Inc (NYSE:CGA). China Finance Online is up more than 100% in the last three trading days.
While these mentioned above have rallied too much to be a buy at this point, there are plenty of solid, profitable Chinese small caps that are still trading at or near 52 week lows. Be on high alert. Do research and find those trading on the NASDAQ or NYSE that are profitable and at their recent lows. They may just be the next mega mover.
Chief Market Strategist